US-Iran tensions push oil prices up over 2%, Strait of Hormuz incident reported

WASHINGTON, United States — Military tensions between the United States and Iran drove oil prices higher on Thursday, with Brent crude climbing 2.12% to $91.11 a barrel and West Texas Intermediate rising about 2% to $85.30. The increases were fueled by supply-risk concerns tied to navigation safety in the Strait of Hormuz and the Red Sea, alongside reports of US strikes on sites in southern Iran and retaliatory targeting of US facilities in the region. The United Kingdom Maritime Trade Operations agency said a tanker was hit by an unidentified munition in the Strait of Hormuz, forcing the crew to abandon the vessel and board a lifeboat. Prices later pared some gains following reports of a possible temporary ceasefire proposal and mediation efforts between Washington and Tehran. Separately, Houthi threats of a navigation ban against Saudi Arabia and Saudi rerouting of oil tankers bound for Asia added to concerns over global energy flows.